Cardinal Resources Inc fka CDNL

[Burnt before]

Not factually correct
i Guess the splitting of the first tranche as added to the confusion

From the original 8k, note in bold, all the parts of the first tranche can be received before this, this is for the $3.75 million 2nd tranche

Closing of the second tranche is conditioned upon satisfaction of standard and customary closing conditions and achievement of the following milestones:


·
board and management composition acceptable to us and the Purchaser;

·
forming a joint venture with the Purchaser in China (“China JV”);

·
the China JV having manufactured two of our CRB units meeting our quality standards;

·
the transfer to the China JV of our manufacturing rights and obligations under our agreement with Bayelsa Nigeria; and

·
using our commercially reasonable best efforts to cause our financing and manufacturing rights and obligations under our agreement with CAMWATER (the water utilities corporation of Cameroon) to be transferred to the China JV.

From the updated 8k explaining the the first tranche was to be split in to 3 parts

The first tranche has been broken into three equal payments based on compliance with requirements in China. Actions under the SPA Tranche one including in part debt reduction, JV support, and stock buy back will continue on a proportional basis. With the closing we are developing the Joint Venture agreement that will include Nanjing Panda Manufacturing, and other tranche 2 milestones are commencing. Tranche 2 will close after a number of milestones outlined in the SPA are completed. Closing for tranche 2 is performance based.

http://ir.cardinalres.com/all-sec-filings?page=2#document-9454-0001445866-15-001446
http://ir.cardinalres.com/all-sec-filings?page=1#document-9568-0001445866-16-001954